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TMI Blog2023 (12) TMI 1173X X X X Extracts X X X X X X X X Extracts X X X X ..... . Mr. Shohit Chaudhry, Advocate for R-2 ORDER 21.12.2023 : I.A. No.6073 of 2023 : This is an application praying for condonation of 15 days' delay in filing the Appeal. The order impugned was passed on 18.09.2023 and this appeal has been filed on 02.11.2023. The ground taken in the delay condonation application is that Director of the Appellant was travelling abroad and could not sign the memorandum of appeal, hence, delay has been caused in filing the appeal. Cause shown sufficient, delay is condoned. I.A. No.6073 of 2023 stands disposed of. 2. Heard learned counsel for the parties. This Appeal has been filed against order dated 18.09.203 by which order the Adjudicating Authority while deciding I.A. No.363/ND/2023 has directed for iss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or would have changed significantly to attract more Prospective Resolution Applicants to submit the Resolution Plan with higher value. 20. Further, through the present Resolution Plan, the ownership rights of the newly-inducted Dwarka Properties (ibid), which were never part of the Information Memorandum notified by the RP, are proposed to be transferred to the SRA herein, who would be in an advantageous position vis-à-vis the prospective bidders in rem. In our considered view, this is a material irregularity in the exercise of the powers by the Resolution Professional during the CIR Process of the Corporate Debtor. 21. In the circumstances, we have no other option but (a) to reject the present Resolution Plan; (b) direct the Res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rm G has already been issued. 5. We have considered the submission of learned counsel for the parties and perused the record. 6. The Adjudicating Authority has taken in consideration the fact that properties shall come to the kitty of the Corporate Debtor, as noted above, whose value is much more than the entire plan value submitted by the Resolution Applicant, hence, order was issued for issuance of Form G. We fully agree with the observation of the Adjudicating Authority as made in Para 19, 20 and 21 of the impugned order, as extracted above, which was sufficient reason for issuance of fresh Form G. However, we are of the view that some time ought to have been fixed by the Adjudicating Authority for completion of the entire process. We, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lure whereof would entail liquidation of the Corporate Debtor's assets, and no unnecessary impediment should be created to delay or derail the CIRP. In the present case, both the NCLT and NCLAT erred to fully recognise that under the Resolution Plan, the Corporate Debtor was set to be revived and not liquidated. Thus, the minimum mandatory component in the Resolution Plan was only a reflection of the actual money, including upfront payment, which would go towards the FC(s). As discussed previously, the final Resolution Plan provided for the monetization proceeds of the land as also the avoidance amounts to go to the FC(s) of the Corporate Debtor." 8. The present is not a case where the Adjudicating Authority has directed for any valuat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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